Budget Blog for December

For the month of December I was in the slurplus. What changed this month was my expenses. I new going into this month I was just going too save as much as I can and I think I accomplished that. What I was most surprised was my expenses I managed to save $500 then November. My focus for January is to just spend money on gas and my phone bill. All retail stores after Christmas cut there hours so my hours are not the best and the result in that might make me not hit my finical goal. So far I am on track in my goal but the extra money I saved in December might need to help make my goal for January. My goal is to save $500 a month for 6 months to save up for a car. So far I have met my goal for the previous months but for the next few months will be a challenge as my hours are being cut quite a bit. 

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Budget Blog

For the month of November I was in the surplus. Some changes were my entertainment and the restaurants. The entertainment in October was low but in November it was really really outrageous. But I new I was going to spend roughly that amount because I new I was going to get the PS4. The restaurants in October were a bit out of hand and since I new I was going to get the PS4 in November I thought that this would be an easy fix. Instead of eating out at work I packed a lunch on most days as a result I spent $5 dollars on snacks and restaurants where as in October I spent $32. I was surprised in how much money I made in November vs October. I practically doubled my cash flow. What I also was surprised in was the car maintenance in October I got a oil change and it was the first one I ever did and ya it was unexpected. For December I am just focusing on saving. My mom pretty much bought all of the gifts for I am hoping to spend less then $100 and have a surplus of around $300-$400. All depends on what my schedule is for the month. My financial goal is to get a car in the spring. I am hoping to have $5,000 in the spring. I already saved $2,000 so I need to save $3,000. My time frame is six months so if I save $500 a month. If I start in December then ya I just got paid around $240 and my expenses so far are around $20. I don’t have money working for me but I was going to go to the bank with my dad but he had to go to work. So I’m planning on going next weekend.  

5 Investing tips for Students

Start Young

Time is money when your young is the best time to start investing. Compounding interest is one of the best examples why starting young is so valuable.

Invest in yourself

Get good education so you can get a decent job. Also invest time in expanding in your knowledge about stocks and different ways to invest.

Observe 

Watch whats “hot on the market” and the stability in different companies. If theres an item that apearrs that “I need that” and your friends buy it or if its trending then you should probably go for it.

Account

Take account what assets, Liabilities, Expenses and Revenue are. Start keeping track when your young so you  know what kind of life style you have. What gets measured gets managed. Set your self a goal or a budget and strive to meet that goal. Do not waste your money on cars and all the fun stuff that is unnecessary.

Learn Self Dicipline

Live with in your means. Do not over spend on your assets that have hardly a return. When your habits are set high you struggle to meet them. If something  was to happen to you financially your would have a really hard time keeping you out of debt because you would have those bad habits.

 

http://www.wealthlift.com/blog/investing-tips-students/

 

Monthly Budget for October

For the month of October I had a surplus of 241.62. I saved the most money on the entertainment part. I took precaution when buying stuff for the entertainment this month because next month I am going to spend a lot on entertainment. I have spent the most money on restaurants. I was surprised in the car maintenance section because i didn’t know how much an oil change would be so I was a little surprised when I got one. My focus for next month would be to pack a lunch for work so that I don’t have to go out for lunch on the weekends. If I do that then hopefully It will be less. Also for car maintenance was high last month so hopefully the car doesn’t break down then ill be fine. I don’t really have a goal but I wanted to get a ps4 and a couple games next month so I was going to save $700 and I have over that amount saved up but now I wanted to have at least $2000 saved in my account. After I spend $700 on that stuff I wanted to buy,  my overall amount will be under $2000. I’m probably going to buy that stuff then really strict myself after words until I hit $2000 again. I calculated it out and if I spend $700 next month and if I get the same income for the month at $650 then my first pay check in December I will be over $2000. Then my second pay check of December will cover Christmas and slowly I will set it t $2200 then keep going up from that. 

Understanding your credit cards

What is a Credit Card?

A credit card is a card that you can make purchases that you dont have to pay until at the end of the month. Credit cards are most oftenly used when a person wants an item but they dont have enough money to buy it. 

Credit Score

Credit score is the score you get when you use your credit card. The better score you have the more possibilities you can get. For example if you have a bad credit score you will have more difficualty getting out a loan. Also if you get numerous credit cards from retail companies that will bring your credit score down.

Avoiding Interest

When you get your statement you will want to pay it all off before the due date. If you do so your credit score will go up because it shows that you can pay off what you basically borrow. If you do not pay off your statement then you will be charged. 

Best Credit Cards

For cash back credit cards of 2012 were

1. Scotiabank
Scotia Momentum VISA Infinite
Annual Fee: $99
Current Interest Rate: 19.99%

Card Details: Requires personal income of $60,000 or household income of $100,000; includes car rental insurance, extended warranty.

http://www.moneysense.ca/magazine-archive/best-cash-back-cards-2012

Can spending cash save you money?

This article talks about that you should use cash instead of your debit card. When we use our debit card we don’t always be careful on what we spend. We just think that the money is in the account and i can spend what I want with it. If we have money in our wallet we know that we can buy what ever we want on it but we are more “attached” to it. When we carry money to the store we make more conscious decisions on what we buy because we don’t want to go over that limit. Have you ever had a $100 dollar bill in your wallet and had it in there for weeks because you didn’t want to break it? Well if so you were actually saving it. When I got my debit card I was using it all the time on everything and at the end of the month I looked at my bank statement and I saw how much money I wasted and I had a fee because of using the debit machine to much. So ever since then I have been taking money out and I would only take out so much and I saved money by not spending it on the fee and all the little stuff and I was able to keep track of my money better.

http://www.savingadvice.com/articles/2008/09/27/102751_cash-or-debit-card.html

The article I am reading is talking about how real families were able to get set on the right course to save money for there retirement. It does not matter if you are in dept or if you already have started saving. It does not matter how young or how old you are you still have time to start saving up for your retirement. I think its interesting because it does not matter where you are financially you can still get prepared for your retirement. I think this is very important because everybody needs to save up for retirement. I learned that i should start planning ways to start saving for my future and to be cautious on what i buy.  This will probably change my behaviour because I do not want to be in the situation where i have no money and hardly any saved up for retirement. I think it is very important for people to make wise decisions when making purchases and to make wise decisions on making a life style.